champc/iStock via Getty Images Dear Partners, Performance and Positioning Review – Q1 2026 Through Q1 2026, McIntyre Partnerships' results were approximately -19% gross and -20% net. This compares to our benchmark, the Russell 2000 Value, which increased 5%. The fund's trailing five-year returns are ~12% gross and ~9% net per annum, which compares to our benchmark's return of ~6% per annum. Since ...
champc/iStock via Getty Images Dear Partners, Performance and Positioning Review – Q1 2026 Through Q1 2026, McIntyre Partnerships' results were approximately -19% gross and -20% net. This compares to our benchmark, the Russell 2000 Value, which increased 5%. The fund's trailing five-year returns are ~12% gross and ~9% net per annum, which compares to our benchmark's return of ~6% per annum. Since inception, the fund has returned ~14% gross and ~10% net per annum, compared to our benchmark's return of ~7% per annum. Our investment in QDEL is a significantly concentrated position, which makes market comparisons less useful at present. McIntyre Partnerships Returns ⁽¹⁾ QTD YTD 1-YEAR 3-YEAR 5-YEAR SINCE INCEPTION Gross of Fees -19.5% -19.5% 3.8% -1.0% 12.2% 13.6% Net of Fees -19.8% -19.8% 3.1% -2.7% 8.6% 9.9% Russell 2000 Value 5.0% 5.0% 28.1% 13.8% 5.8% 7.0% Russell 2000 Index 0.9% 0.9% 25.7% 13.1% 5.2% 8.4% Click to enlarge In the winners column, CC, ICLR, and SEG contributed 100-500bps. In the losers column, FTRE, SHC, SWIM, and STHO lost 100-500bps, and QDEL lost over 500bps. To state the obvious, the Q1 result was not a bright spot for the fund. The primary driver of our decline was a sharp pullback in the shares of life science tools and medical device stocks, to which the fund has significant exposure, and stock-specific issues at QDEL, a life science tools company, which I had previously referred to as Stock A. QDEL is now the fund's largest position, and we have accumulated a full position. To cut to the chase, I believe QDEL's current price is a once-in-five-to-ten-year opportunity. For the third time in ten years, I have decided to size a position at more than 20% of the fund's capital, though we have purchased put options which limit our total loss to under 20%. Our two previous significantly concentrated investments, CC in 2019 and GTX in 2021, also involved large drawdowns at initiation. They are also our two largest outright winners and drove a 120% gros...
What Decades Of Academic Literature, Military Doctrine Says About Effectiveness Of 'Decapitation Strikes' Authored by José Niño via The Libertarian Institute The United States has long operated under a seductive strategic fantasy. Remove the leader of an adversary organization, whether a drug cartel, a terrorist group, or a sovereign state, and that organization will collapse, enabling American in...
What Decades Of Academic Literature, Military Doctrine Says About Effectiveness Of 'Decapitation Strikes' Authored by José Niño via The Libertarian Institute The United States has long operated under a seductive strategic fantasy. Remove the leader of an adversary organization, whether a drug cartel, a terrorist group, or a sovereign state, and that organization will collapse, enabling American interests to fill the resulting vacuum . However, decades of academic literature, hard empirical data from Mexico’s drug war, and the lived consequences of America’s post 9/11 targeted killing campaigns all tell a damning story many in the DC ruling class refuse to acknowledge. Decapitation strategies are, at best, tactically satisfying and strategically hollow . At worst, they escalate violence, radicalize successors, and produce precisely the instability they were designed to prevent . The ongoing U.S.-Israeli military campaign against Iran represents the most ambitious test of this doctrine in history. The results so far are deeply troubling. US Navy/Reuters The poor results should come as no surprise to anyone familiar with the academic literature on leadership targeting. The scholarly consensus against decapitation has been building for decades . Jenna Jordan’s landmark research , first published in Security Studies in 2009 and later expanded into her book Leadership Decapitation , examined 298 incidents of leadership targeting from 1945 through 2004. She concluded that “decapitation is not an effective counterterrorism strategy” and that it tends to extend the life of terrorist organizations . Jordan identifies three structural factors that make organizations resilient to leadership decapitation: bureaucratic depth, popular support, and ideological coherence. The more institutionalized and ideologically rooted an organization is, the more it absorbs the loss of leaders . Martyrdom replaces individuals with myth. Through analysis of over 1,000 decapitation events against...
(RTTNews) - The Australian stock market is slipping to modest losses in mid-market trading on Tuesday, extending the losses in the previous two sessions, despite the broadly positive cues from Wall Street on Monday. The benchmark S&P/ASX 200 index is falling well below the 8,700.
(RTTNews) - The Australian stock market is slipping to modest losses in mid-market trading on Tuesday, extending the losses in the previous two sessions, despite the broadly positive cues from Wall Street on Monday. The benchmark S&P/ASX 200 index is falling well below the 8,700.